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Systematix Research Report
Surya Roshni Ltd. is a leading producer of steel pipes (72% of Ebitda) and LED lighting and consumer durables (28%).
Its steel pipe volumes grew at a 12% compound annual growth rate to 0.8 million tonnes per annum over FY16-FY21 due to improved capacity utilisation, backed by strong demand from its key segments – oil and gas and infrastructure, wherein it plans to-
improve capacity utilisation from ~75% currently,
focus on -added products – increase the share of high-margin galvanised iron and American Petroleum Institute coated pipes from 47% to 60% by FY23-24 and
evaluate a new location in West India to add capacity.
Surya Roshni has also successfully transitioned from conventional lighting to LEDs (expanded into consumer durables in 2014; entered the PVC pipes segment in 2010).
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